Prepping Kids For Healthy Habits

Allen has two children, ages eight and 11. Allen wants to know how to motivate his eight-year-old to save and understand why he's saving.

QUESTION: Allen in Grand Rapids has two children, ages eight and 11. Allen wants to know how to motivate his eight-year-old to save and understand why he's saving. Dave explains it's about forming a healthy habit pattern.

ANSWER: You explain it to him as best you can on an eight-year-old level, and then if he still doesn't want to do it, you make him do it anyway. You have to develop a habit pattern that causes you to win in life.

If they're having trouble saving, I would probably try to get a little bit of a goal they save up for and let them feel what it's like to save up and pay for something. Then we get to discuss saving up and getting bargains with your money and that kind of thing. Once you've got that down and they see that delaying pleasure pays off, then it's not far behind that you need to start talking about saving toward a car if you're going to make them pay for all or part of a car.

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